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Bernard Madoff says banks and financial institutions were complicit in his Ponzi scheme which fleeced investors of billions of dollars. However Madoff has failed to name specific institutions that exhibited 'willful blindness' to his actions. Source: abc.net.au
Sir Zelman Cowen was appointed Governor-General after the divisive dismissal of Prime Minister Gough Whitlam. Sir Cowen has been remembered for unifying the country and the former prime minister Malcolm Fraser says Australians owe him a great debt. Zelman Cowen died in Melbourne today.
With the US Congress set to resume in three days, Republicans are talking tough about increasing the US government debt limit. But one of Barack Obama's senior economic advisors is warning that the conservative's strategy could trigger a worse economic crisis than that experienced in 2008.